84000 Federal Register / Vol. 88, No. 230 / Friday, December 1, 2023 / Notices 

49 15 U.S.C. 78q–1(b)(3)(F). 

50 17 CFR 240.17Ad–22(e)(4)(i) and (e)(6)(i). 51 17 CFR 200.30–3(a)(12). 

changes are designed to provide NSCC 

with an appropriate measure of the risks 

related to market impact costs presented 

by Members’ portfolios, NSCC believes 

the proposal is appropriately designed 

to meet NSCC’s risk management goals 

and its regulatory obligations. 

NSCC believes that it has designed the 

proposed changes in an appropriate way 

in order to meet compliance with its 

obligations under the Act. Specifically, 

the proposal would improve the riskbased margining methodology that 

NSCC employs to set margin 

requirements and better limit NSCC’s 

credit exposures to its Members. 

Therefore, as described above, NSCC 

believes the proposed changes are 

necessary and appropriate in 

furtherance of NSCC’s obligations under 

the Act, specifically section 17A(b)(3)(F) 

of the Act,49 and Rules 17Ad–22(e)(4)(i) 

and (e)(6)(i) under the Act.50

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants, or Others 

NSCC has not received or solicited 

any written comments relating to this 

proposal. If any written comments are 

received, they will be publicly filed as 

an Exhibit 2 to this filing, as required by 

Form 19b–4 and the General 

Instructions thereto. 

Persons submitting comments are 

cautioned that, according to Section IV 

(Solicitation of Comments) of the 

Exhibit 1A in the General Instructions to 

Form 19b–4, the Commission does not 

edit personal identifying information 

from comment submissions. 

Commenters should submit only 

information that they wish to make 

available publicly, including their 

name, email address, and any other 

identifying information. 

All prospective commenters should 

follow the Commission’s instructions on 

how to submit comments, available at 

www.sec.gov/regulatory-actions/how-tosubmit-comments. General questions 

regarding the rule filing process or 

logistical questions regarding this filing 

should be directed to the Main Office of 

the Commission’s Division of Trading 

and Markets at tradingandmarkets@

sec.gov or 202–551–5777. 

NSCC reserves the right to not 

respond to any comments received. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NSCC–2023–011 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to file 

number SR–NSCC–2023–011. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of NSCC 

and on DTCC’s website (https://

dtcc.com/legal/sec-rule-filings.aspx). Do 

not include personal identifiable 

information in submissions; you should 

submit only information that you wish 

to make available publicly. We may 

redact in part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright 

protection. All submissions should refer 

to file number SR–NSCC–2023–011 and 

should be submitted on or before 

December 22, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.51

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26390 Filed 11–30–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–803, OMB Control No. 

3235–0754] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

30b1–10, Form N–RN 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 30b1–10 [17 CFR 270.30b1–10] 

and Form N–RN [17 CFR 274.223] 

require registered open-end 

management investment companies (not 

including entities regulated as money 

market funds under 17 CFR 270.2a–7), 

registered closed-end funds, and 

business development companies 

(collectively, ‘‘funds’’), to file a current 

report on Form N–RN on a non-public 

basis when certain events related to 

their liquidity and events regarding 

funds’ compliance with the VaR-based 

limit on fund leverage risk in 17 CFR 

270.18f–4 (‘‘rule 18f–4’’) occur. The first 

category of information reported on 

Form N–RN concerns events under 

which more than 15% of an open-end 

fund’s net assets are, or become, illiquid 

investments that are assets as defined in 

17 CFR 270.22e–4 (‘‘rule 22e–4’’) and 

when holdings in illiquid investments 

are assets that previously exceeded 15% 

of a fund’s net assets have changed to 

be less than or equal to 15% of the 

fund’s net assets. The second category of 


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Federal Register / Vol. 88, No. 230 / Friday, December 1, 2023 / Notices 84001 

1 This estimate is based on the following 

calculations: (3 hours × $425/hour for an in house 

compliance attorney = $1,275 plus (1 hour × $386/ 

hour for a senior programmer = $386, for a 

combined total of 4 hours at total time costs of 

$1,661. The estimates concerning the wage rates for 

an in house compliance attorney and a senior 

programmer time are based on salary information 

for the securities industry compiled by the 

Securities Industry and Financial Markets 

Association. The estimated wage figure is based on 

published rates for in-house compliance attorneys 

and senior programmers, modified to account for a 

1,800-hour work-year and inflation, and multiplied 

by 5.35 to account for bonuses, firm size, employee 

benefits, and overhead. See Securities Industry and 

Financial Markets Association, Report on 

Management & Professional Earnings in the 

Securities Industry 2013. 

2 This estimate is based on the following 

calculations: 66 reports filed per year × 4 hours per 

report = approximately 264 total annual burden 

hours. 66 reports filed per year × $1,661 in costs 

per report = $109,626 total annual costs. 

information reported on Form N–RN 

regards events for certain open-end 

funds under which a fund’s holdings in 

assets that are highly liquid investments 

fall below the fund’s highly liquid 

investment minimum defined in rule 

22e–4 for more than 7 consecutive 

calendar days. The third category of 

information reported on Form N–RN 

regards information about a fund’s 

breaches of the VaR test under rule 18f– 

4. A report on Form N–RN is required 

to be filed, as applicable, within one 

business day of the occurrence of one or 

more of these events. In addition, a fund 

is in certain cases required to file a 

second Form N–RN when it is no longer 

in breach of the applicable limit. 

Based on historical filing data and 

projected estimates of the annual 

number of VAR-based filings, the staff 

estimates that the Commission will 

receive roughly 66 reports per year on 

Form N–RN on average When filing a 

report on Form N–RN, staff estimates 

that a fund will spend on average 

approximately 3 hours of a in house 

compliance attorney’s time and 1 hour 

of a senior programmer time to prepare, 

review, and submit Form NRN at a total 

time cost of $1,661.1 Accordingly, in the 

aggregate, staff estimates that 

compliance with rule 30b1–10 and 

Form N–LIQUID will result in a total 

annual burden of approximately 264 

burden hours and total annual time 

costs of approximately $109,626.2

Compliance with rule 30b1–10 is 

mandatory for all funds. Responses to 

the disclosure requirements will be kept 

confidential. The estimate of average 

burden hours is made solely for the 

purposes of the PRA. The estimate is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules. Complying 

with this collection of information 

requirement is necessary to enable the 

Commission to receive information on 

fund liquidity events more uniformly 

and efficiently, and to enhance the 

Commission’s oversight of funds when 

significant liquidity events occur and its 

ability to respond to market events. An 

agency may not conduct or sponsor, and 

a person is not required to respond to 

a collection of information unless it 

displays a currently valid control 

number. 

The public may view background 

documentation for this information 

collection at the following website: 

www.reginfo.gov. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice by January 2, 2024 to (i) 

MBX.OMB.OIRA.SEC_desk_officer@

omb.eop.gov and (ii) David Bottom, 

Director/Chief Information Officer, 

Securities and Exchange Commission, c/ 

o John Pezzullo, 100 F Street NE, 

Washington, DC 20549, or by sending an 

email to: PRA_Mailbox@sec.gov. 

Dated: November 27, 2023. 

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26406 Filed 11–30–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

TIME AND DATE: Notice is hereby given, 

pursuant to the provisions of the 

Government in the Sunshine Act, Public 

Law 94–409, that the Securities and 

Exchange Commission Investor 

Advisory Committee will hold a public 

meeting on Thursday, December 7, 

2023. The meeting will begin at 10:30 

a.m. (ET) and will be open to the public. 

PLACE: The meeting will be conducted 

by remote means. Members of the public 

may watch the webcast of the meeting 

on the Commission’s website at 

www.sec.gov. 

STATUS: This Sunshine Act notice is 

being issued because a majority of the 

Commission may attend the meeting. 

PUBLIC COMMENT: The public is invited 

to submit written statements to the 

Committee. Written statements should 

be received on or before December 6, 

2023. 

Written statements may be submitted 

by any of the following methods: 

Electronic Statements 

• Use the Commission’s internet 

submission form (http://www.sec.gov/ 

rules/other.shtml); or 

• Send an email message to rulescomments@sec.gov. Please include File 

No. 265–28 on the subject line; or 

Paper Electronic Statements 

• Paper Statements. Send paper 

statements to Vanessa A. Countryman, 

Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File No. 

265–28. This file number should be 

included on the subject line if email is 

used. To help us process and review 

your statement more efficiently, please 

use only one method. 

The Commission will post all 

statements on the Commission’s 

website. Statements also will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, Room 

1503, Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Operating 

conditions may limit access to the 

Commission’s Public Reference Room. 

Do not include personal information in 

submissions; you should submit only 

information that you wish to make 

available publicly. We may redact in 

part or withhold entirely from 

publication submitted material that is 

obscene or subject to copyright. 

MATTERS TO BE CONSIDERED: The agenda 

for the meeting includes: welcome and 

introductory remarks; opening remarks; 

approval of previous meeting minutes; a 

panel discussion regarding practical 

applications for enhancing financial 

literacy; a panel discussion examining 

the use of complex investment products 

and strategies by self-directed 

investors—is the current approach 

working; a discussion of a 

recommendation regarding digital 

engagement practices; subcommittee 

and working group reports; and a nonpublic administrative session. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information, please contact 

Vanessa A. Countryman from the Office 

of the Secretary at (202) 551–5400. 

Authority: 5 U.S.C. 552b. 

Dated: November 29, 2023. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2023–26547 Filed 11–29–23; 4:15 pm] 

BILLING CODE 8011–01–P 


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